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Democracy and Reforms: Evidence from a New Dataset

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  • Paola Giuliano
  • Prachi Mishra
  • Antonio Spilimbergo

Abstract

Empirical evidence on the relationship between democracy and economic reforms is limited to few reforms, countries, and periods. This paper studies the effect of democracy on the adoption of economic reforms using a new dataset on reforms in the financial, capital and banking sectors, product markets, agriculture, and trade for 150 countries over the period 1960–2004. Democracy has a positive and significant impact on the adoption of economic reforms but there is scarce evidence that economic reforms foster democracy. Our results are robust to the inclusion of a large variety of controls and estimation strategies.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18117.

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Date of creation: Jun 2012
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Publication status: published as Paola Giuliano & Prachi Mishra & Antonio Spilimbergo, 2013. "Democracy and Reforms: Evidence from a New Dataset," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 179-204, October.
Handle: RePEc:nbr:nberwo:18117

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  10. Acemoglu, Daron & Johnson, Simon & Robinson, James A & Yared, Pierre, 2005. "Income and Democracy," CEPR Discussion Papers 5273, C.E.P.R. Discussion Papers.
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  13. Jan Fidrmuc, 2001. "Economic Reform, Democracy and Growth During Post-Communist Transition," William Davidson Institute Working Papers Series 372, William Davidson Institute at the University of Michigan.
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Cited by:
  1. Baskaran, Thushyanthan, 2014. "Taxation and Democratization," World Development, Elsevier, vol. 56(C), pages 287-301.
  2. Serhan Cevik & Mohammad Rahmati, 2013. "Breaking the Curse of Sisyphus," IMF Working Papers 13/2, International Monetary Fund.
  3. Hugo J. Faria & Hugo M. Montesinos-Yufa & Daniel R. Morales, 2014. "Should the Modernization Hypothesis Survive Acemoglu, Johnson, Robinson, and Yared? Some More Evidence," Econ Journal Watch, Econ Journal Watch, vol. 11(1), pages 17-36, January.
  4. Braga de Macedo, Jorge & Oliveira Martins, Joaquim & Rocha, Bruno, 2014. "Are complementary reforms a “luxury” for developing countries?," Journal of Comparative Economics, Elsevier, vol. 42(2), pages 417-435.

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